Egypt’s Sovereign Fund received offers for Safi as part of IPO program, says sources

Local media outlets have reported that the Sovereign Fund of Egypt (TSFE) has received purchase offers for the National Company for Natural Water in Siwa (Safi), citing unnamed sources familiar with the government’s IPO program.

The sources revealed that some investors are seeking to possibly acquire 100% of the company’s shares, with others showing interest in purchasing only the water bottling and packaging plant, excluding other activities of the company.

One of the potential offers may be coming from UAE’s food and beverage company, Agthia.

Owned by one of Abu Dhabi's sovereign funds, Agthia has been active in Egypt’s M&A scene lately, engaging in several local deals including the acquisition of Ismailia Pourtly Company and buying a 60% stake in Auf Group.

In a statement last week, the government announced that the Safi Water and Wataniya companies' database for petroleum product distribution has been opened. It added that offers will be accepted throughout May, following specific timelines, in preparation for the final selection process.

The government also emphasized the presence of significant partnerships between Egyptian and foreign companies, expressing their eagerness to make progress.